ECB chief says it’s time for more integration

June 21, 2014 - 17:05 AMT

PanARMENIAN.Net - European Central Bank President Mario Draghi says current rules limiting European Union member states' budgetary policies — notably deficit spending — are not sufficient, and states should surrender some sovereignty in some economic policy areas, notably labor laws.

According to the Associated Press in an interview with Dutch newspaper De Telegraaf published Saturday, June 21, Draghi said "economic policy cannot be a purely national matter" because of the impact European countries' policies have on each other.

The AP says the Draghi's office confirmed that the remarks were accurate.

In the same interview, Draghi said that a further decline in price inflation in the eurozone could be a reason for his office to begin buying government debt, as well as private loans, in a so-called "quantitative easing" program similar to those undertaken in the U.S. and Japan.